BP Annual Report and Form 20-F 2011 - Company Reporting

Supplementary information on oil and natural gas (unaudited)Oil and natural gas exploration and production activitiesEuropeRest ofEuropeNorthAmericaRest ofNorthUS AmericaSouthAmerica$ million2011Africa Asia Australasia TotalUKRussiaSubsidiaries aCapitalized costs at 31 December b jGross capitalized costsProved properties 37,491 8,994 73,626 182 7,471 29,358 – 14,833 3,370 175,325Unproved properties 368 180 6,198 1,471 2,986 3,689 – 4,495 1,279 20,66637,859 9,174 79,824 1,653 10,457 33,047 – 19,328 4,649 195,991Accumulated depreciation 26,953 3,715 36,009 139 3,839 14,595 – 6,235 1,294 92,779Net capitalized costs 10,906 5,459 43,815 1,514 6,618 18,452 – 13,093 3,355 103,212Rest ofAsiaCosts incurred for the year ended 31 December b jAcquisition of properties c kProved – – 1,178 8 237 – – 1,733 – 3,156Unproved – 1 418 – 2,592 679 – 3,008 – 6,698– 1 1,596 8 2,829 679 – 4,741 – 9,854Exploration and appraisal costs d 211 1 566 117 271 490 6 511 225 2,398Development 1,361 889 3,016 – 405 2,933 – 1,340 251 10,195Total costs 1,572 891 5,178 125 3,505 4,102 6 6,592 476 22,447Results of operations for the year ended 31 DecemberSales and other operating revenues eThird parties 1,997 – 751 25 2,263 3,353 – 1,450 1,611 11,450Sales between businesses 3,495 1,273 19,089 20 1,409 4,858 – 10,811 967 41,9225,492 1,273 19,840 45 3,672 8,211 – 12,261 2,578 53,372Exploration expenditure 37 1 1,065 9 35 163 6 134 70 1,520Production costs 1,372 230 3,402 66 503 1,146 4 787 194 7,704Production taxes 72 – 1,854 – 278 – – 5,956 147 8,307Other costs (income) f (1,357) 101 4,688 49 935 215 72 118 257 5,078Depreciation, depletion and amortization 874 199 2,980 6 523 1,668 – 1,692 172 8,114Impairments and (gains) losses on sale ofbusinesses and fixed assets 26 (64) (492) 15 (1,085) 18 (1) (537) – (2,120)1,024 467 13,497 145 1,189 3,210 81 8,150 840 28,603Profit (loss) before taxation g 4,468 806 6,343 (100) 2,483 5,001 (81) 4,111 1,738 24,769Allocable taxes 2,483 384 2,152 (159) 1,205 2,184 (21) 1,001 677 9,906Results of operations 1,985 422 4,191 59 1,278 2,817 (60) 3,110 1,061 14,863Exploration and Production segment replacement cost profit before interest and taxExploration and production activities –subsidiaries (as above) 4,468 806 6,343 (100) 2,483 5,001 (81) 4,111 1,738 24,769Midstream activities – subsidiaries h (118) 29 (157) 299 (58) (4) (1) 42 284 316Equity-accounted entities i – 12 10 58 598 69 4,095 573 – 5,415Total replacement cost profitbefore interest and tax 4,350 847 6,196 257 3,023 5,066 4,013 4,726 2,022 30,500aThese tables contain information relating to oil and natural gas exploration and production activities of subsidiaries. They do not include any costs relating to the Gulf of Mexico oil spill. Midstream activitiesrelating to the management and ownership of crude oil and natural gas pipelines, processing and export terminals and LNG processing facilities and transportation are excluded. In addition, our midstreamactivities of marketing and trading of natural gas, power and NGLs in the US, Canada, UK and Europe are excluded. The most significant midstream pipeline interests include the Trans-Alaska PipelineSystem, the Forties Pipeline System, the Central Area Transmission System pipeline, the South Caucasus Pipeline and the Baku-Tbilisi-Ceyhan pipeline. Major LNG activities are located in Trinidad,Indonesia and Australia and BP is also investing in the LNG business in Angola.bDecommissioning assets are included in capitalized costs at 31 December but are excluded from costs incurred for the year.cIncludes costs capitalized as a result of asset exchanges.dIncludes exploration and appraisal drilling expenditures, which are capitalized within intangible assets, and geological and geophysical exploration costs, which are charged to income as incurred.ePresented net of transportation costs, purchases and sales taxes.fIncludes property taxes, other government take and the fair value gain on embedded derivatives of $191 million. The UK region includes a $1,442 million gain offset by corresponding charges primarilyin the US, relating to the group self-insurance programme. The South America region includes a charge of $700 million associated with the termination of the agreement to sell our 60% interest in PanAmerican Energy LLC to Bridas Corporation (see page 85).gExcludes the unwinding of the discount on provisions and payables amounting to $352 million which is included in finance costs in the group income statement.hMidstream activities exclude inventory holding gains and losses.iThe profits of equity-accounted entities are included after interest and tax.jExcludes balances associated with assets held for sale.kExcludes goodwill associated with business combinations.260 BP Annual Report and Form 20-F 2011